270° View

4 Reasons to Get Engaged in Data Driven Digital Relationships with Your Customers

Few organization hold more data about their customers than financial institutions. Banks and credit unions know where their customers and members live, how much money they make, what their net worth is, who they do business with and what their financial needs are. However, most bankers will admit that this data is under utilized when it comes to building a trusted, value-added relationship with consumers.

This infographic presents data on how consumers interact with their financial institutions and what they want and expect when it comes to these interactions. It is imperative that banks and credit unions begin to develop a strategy for accessing and converting the data they hold about their customers and members to actionable information that can be used to personalize products and services.

To build a successful strategy for leveraging customer data in their digital channels, financial institutions will need to replace the disparate, legacy systems they currently use to deliver their digital services. This need is currently driving a number of early replacement projects at banks such as Arvest and First Tennessee. These replacement efforts are the largest of their kind in the industry in more than a decade and they are being completed by emerging technology providers that offer modern tech stacks that are highly configurable, scalable, secure and proven.